To many people, increasing monthly income means getting a second job. Instead, consider these ways to increase your incoming cash flow without working more hours.

If you’re looking to increase your monthly income, you’re not alone.

While many individuals in the U.S. are in debt, others are looking for a better way to earn more money for several reasons, from putting more money away for retirement to buying an item they’ve been saving up for.

Making extra money as soon as possible may seem like a pipe dream, but it is possible as long as you have the determination. Here are steps you can take toward earning more money.

1. Go for a raise.

The best place to start when you’re looking to bulk up your monthly income is your current job. Negotiating a raise is an easy way to make extra money, especially if you’re someone who excels at your job. In many cases, if you’ve been at a company for a while without receiving a raise, all you have to do is ask. The worst thing that can happen is being turned down.

Many people underestimate their true value to a company, but their employers may not. While in many cases, your employer will offer you a raise, especially if it’s in their policy, don’t expect them to give you one because of your performance. Your bosses are typically too busy to realize you deserve a raise, but one conversation can change that.

To negotiate a raise, schedule a meeting with your employer. During the meeting, make sure you’re prepared to go over all of the duties you’ve had and your success at the job. If you have any data about your performance, you should share that as well.

Let your employer know why you’re asking for a raise. For example, if you’re looking to save more money or you’re trying to avoid having a second job, your employer may understand your circumstances and be more willing to negotiate.

If your employer turns you down, make sure you ask questions to help you understand where you stand within the company so you know if you can get a raise in the future. They should also reciprocate and tell you what you need to do to make it happen.

2. Get a side gig.

A side gig can help you get extra income doing something you enjoy.

If you’re someone who creates things, you can sell them on Etsy or another marketplace. You can also take the skills you’ve learned at your job and begin freelancing.

There are many side gigs available to you, depending on what you want to do. If you spend all day in front of your computer and want a side gig that gets you outside, consider becoming a neighborhood dog walker or babysitter for some extra cash.

3. Sell what you don’t need.

Sometimes, we keep things for no apparent reason. If you’re someone with extra stuff and you know you’ll never use it, you can sell it on eBay, Amazon, or Facebook Marketplace.

Selling your stuff is not a long-term way to earn monthly income, but it can help you save for the future.

4. Pay off debt.

If you have debt, you likely have income issues as well. It can be hard to enjoy your income to its fullest, with debt constantly weighing you down. When you have less debt, your income naturally increases without you having to get another job.

If you have debt, don’t ignore it. Instead, work to pay it down and make payments on time. You can start paying off debt by paying off a credit card with the highest interest and move on to your other debts until it is completely gone. Once you no longer have debt, you can use more of your income for savings.

5. Use credit card rewards.

When we use credit cards, we often forget they come with rewards like cashback.

If you’ve forgotten about your rewards, now is the time to put them to good use. Taking advantage of these rewards will not only help you save money but also help you pay for things like dinners and other small purchases so you can keep your income in your bank account.

6. Reduce your monthly bills.

Similar to reducing your debt, when you reduce your total monthly expenses, you’ll see more income in your pocket or bank account rather than watching it go somewhere else. Saving is one of the best ways to keep your income where it belongs.

To start reducing your monthly bills, gather all of your bills, especially the largest bills you have. Once you know what costs you the most, you can shop for better deals.

For example, if you have bundled internet and cable, you can call up your internet service provider and ask if they have a better rate. You can also take a look at what their competitors are offering and potentially find a better deal.

If you’re a business owner, you can use professional tax software to get a better idea of what your expenses are so you can find ways to reduce them, which will allow you to invest that money back into the business or put more into your pocket.

7. Check your spending habits.

Your spending habits have the most significant impact on your monthly income. If you don’t want to get a second job or side hustle, the best thing you can do is try to cut things out.

For example, if you enjoy food delivery, you may find you’re spending hundreds of dollars a week by ordering out every night.

Compared to the cost of cooking at home or simply heating a frozen meal, you’re losing the money you could be saving for retirement or spending on something you need.

8. Invest.

Investing can help you avoid getting another job or side gig to earn money. If you’re new to investing, you can try a high-yield savings account so you can watch your money grow over time. Once you learn about investing and how it can help you earn more money, you can begin looking for other opportunities, such as stocks or mutual funds.

Increasing Your Monthly Income

When many think of increasing their monthly income, they think they’ll need a second or third job, which can be stressful. Luckily, there are other ways to bulk up your monthly income without working longer hours.

• 3 Ways the Internet Offers the 50+ Crowd Passive Income Opportunities
• The Best Credit Card Debt Repayment Options for Different Credit Scores
• The Many Ways You Can Make An Extra Income

Reviewed November 2023

About the Author

Matt Casadona has a Bachelor of Science in Business Administration, with a concentration in Marketing and a minor in Psychology. Matt is passionate about marketing and business strategy and enjoys San Diego life, traveling, and music.